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IndianOil reports Rs 17,318 cr loss in Q4FY20 on inventory, demand issues

The company said due to Covid-19 and changes in the oil market scenario there was a significant fall in oil prices which led to a write down of Rs 6,855 crore in valuation of inventories below cost

Indian Oil Corp
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A logo of Indian Oil is picture outside a fuel station in New Delhi | Photo: Reuters

Jyoti Mukul New Delhi
The country’s largest fuel retailer Indian Oil Corporation on Wednesday reported a loss of Rs 17,318 crore for the March quarter (Q4) of financial year 2019-20 (FY20) on the back of inventory losses and low fuel demand because of the global Covid-19-induced slowdown. It had recorded a profit before tax of Rs 9,020 crore in the corresponding quarter in FY19.

The company said there was a significant fall in oil prices because of Covid-19 and changes in the oil market scenario, and this led to a write-down in valuation of inventories below cost of Rs 6,855.35 crore for the period. After